Man Infraconstruction Ltd IPO : Oversubscribed 62.52 times

by khalid on 22/02/2010 · 0 comments

Man Infraconstruction Ltd. provides construction services for port infrastructure, residential, industrial, commercial and road infrastructure projects. The IPO of Man Infraconstruction has been finally oversubscribed 62.52 times on an overall basis. The issue was open on 18th Feb 2010 and closed on 22nd Feb 2010. Non-Institutional Investors has given a strong support to the issue and applied 104.5701 times to their allotted quota. Qualified Institutional Buyers too shown keen interest and applied 96.0617 times.

The category-wise subscription status of Man Infraconstruction Ltd IPO is given below:-
QIB: 96.0617 times
Non-Institutional Investors: 104.5701 times
Retail: 10.2613 times
Employee : 0.0055 times
Overall: 62.5297 times

The proceeds of the IPO will be used by the company for purchase of capital equipment and general corporate purposes and strategic initiatives. Man Infraconstruction Ltd is a rapidly growing company which is clear from last three years data of their revenues. The companies consolidated revenues was Rs 88.14 crores in FY07 which increased to Rs 236.00 in FY08 and then Rs 594.27 in FY10.

The equity shares of the company are proposed to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

Issue Details :-
Issue Period : 18th Feb 2010 – 22nd Feb 2010
Issue Type : 100% Book Building process
Issue Size : 5625150 Equity Shares of Rs. 10
Face Value : Rs. 10 Per Equity Share
Price Range : Rs 243 – Rs 252 Per Equity Share
Market Lot : 22 shares
Minimum Order Quantity : 22 shares
IPO Grading : 3 out of 5
Rating Agency : Crisil Limited
Listing At : BSE and NSE

Book Running Lead Managers for the IPO are Edelweiss Capital Limited and IDFC-SSKI Private Limited.

Registrar of the Issue :-
Link Intime India Private Ltd

Allotment status can be seen here.

At a time when most of the IPOs are managing 4-5 times subscription, a 62-times demand is record for last two years and Reliance Power IPO was only IPO which was better than this as it was subscribed 73 time, It shows that the investor appetite is still there for the infrastruction sector.

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